I am informed by the Revenue Commissioners that the pension levy is a self assessment tax. The chargeable person and the trustees of the pension scheme are both jointly and severally liable for the payment of the pension levy. In the case of assets held under contracts of assurance, the chargeable person is the insurer. In the case of any other assets the administrator is the chargeable person. A chargeable person is entitled to dispose of or appropriate scheme assets for the purpose of meeting the amount of the levy payable. The Pension Levy is charged at a rate of 0.6% on the aggregate of the market value of assets of a pension scheme at the valuation date. Assets include all property, investments, deposits, debts and contracts of assurance held for the purpose of a scheme.
In 2011 and 2012 Revenue initiated enquiries by means of a compliance program to establish if any amounts of levy remain unpaid and with a view to taking appropriate action where any such cases are identified. The evidence to date from the programme suggests that the legislation is largely being complied with. A small number of cases have been found where incorrect levy amounts, both overpayments and underpayments, were paid. The amounts involved were in general not very material. Any chargeable person who fails to comply with the legislation has to pay, as well as the pension levy, a daily penalty charge and interest calculated from the due date until the payment date.